Business
Subscription to raise £198,000
Subscription to raise £198,000.
About this update from Gstechnologies Ltd.
[{"type":"text","content":"\n \n \n \n RNS Number : 0862M\n GSTechnologies Ltd\n 19 January 2021\n \n \n \n \n 19 January 2021\n \n \n \n \n \n GSTechnologies Limited\n \n \n \n \n \n (\"GST\" or the \"Company\")\n \n \n \n \n \n Subscription to raise £198,000\n \n \n GSTechnologies Limited (LSE: GST), the integrated information and communication technology infrastructure solutions provider, is pleased to announce the subscription of 198,000,000 ordinary shares (\"Ordinary Shares\") by a Singapore based investor group\n led by Mr Jack Bai, a blockchain fintech specialist, at a price of £0.001 per Ordinary Share (\"Subscription Shares\") raising £198,000 (the \"Subscription\"). \n \n \n The proceeds of the Subscription will be applied primarily to finance the working capital needs of the Company as it seeks to move into new higher growth business areas.\n \n \n \n Tone Goh, Chairman of GST, commented: \"\n \n We are very pleased to have received support from this investor group, led by Mr Jack Bai, a blockchain fintech specialist. This is a strategic investment to assist the Company as it seeks to develop the business of its subsidiary EMS. We look forward to making further announcements as we make progress in the implementation of this strategy during the course of 2021.\"\n \n \n Admission and Total Voting Rights\n \n \n The Subscription has been conducted utilising the Company's existing share authorities. The Subscription Shares will rank pari passu in all respects with the existing Ordinary Shares. The Subscription is conditional, inter alia, on admission of the Subscription Shares to trading on the Main Market of the London Stock Exchange (\"Admission\") becoming effective. Application will be made to the London Stock Exchange for the Subscription Shares to be admitted to trading on the Main Market of the London Stock Exchange and the Standard Segment of the FCA Official List. It is expected that Admission will become effective and that dealings in the Subscription Shares on the Main Market of the London Stock Exchange will commence on or around 25 January 2021.\n \n \n On Admission, the Company will have 1,193,482,002 Ordinary Shares in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares and voting rights wi...